SOURCE: Phoenix International Ventures, Inc.

Phoenix International Ventures, Inc.

March 28, 2011 12:34 ET

Phoenix International Ventures, Inc. Announces Approved Private Placement of up to 6,666,667 Shares of the Company's Common Stock for up to $1,000,000

CARSON CITY, NV--(Marketwire - March 28, 2011) - Phoenix International Ventures, Inc. (OTCBB: PIVN) ("Phoenix" or "the Company"), an Aerospace Defense company, announced Company's board of directors approved private placement of up to 6,666,667 shares of the Company's common stock for up to $1,000,000 in cash at a price per share of $0.15 (the "Financing"), pursuant to the terms of a subscription agreement dated as of February 28, 2011, as amended by a supplement dated March 22, 2011. Messrs. Amit Barzelai, Uri Wittenberg and Hagai Langstadter purchased an aggregate of 1,666,667 shares of Company common stock for $250,000. The offering of the remaining 5,000,000 shares will be made to accredited investors through April 30, 2011, subject to the Company's right to terminate the offering at any time or extend it to as later as May 31, 2011.

In addition, approximately $337,000 of debt currently in default (consisting of $300,000 original principal amount plus accrued interest thereon) issued to certain note holders (including Zvi bar-nes Nissenson, the father of Ofer Bar-Nes Nissenson) were converted into approximately 2,247,000 shares of the Company's common stock at the price of $0.15 per share. The Company also agreed to issue 30,000 additional shares of its common stock to the converting note holders in consideration for prior debt extensions.

Mr. Teja, President and CEO of Phoenix, stated: "The aggregate purchase of $250,000 of Company's common stock and the debt conversion of approximately $337,000 by the existing shareholders, shows a great confidence in the Company and its business sector."

About Phoenix International Ventures, Inc.
Phoenix International Ventures, Inc. of Carson City, Nevada, was established in order to acquire and develop business in the defense and aerospace market. In January 2007, the company acquired 100% of Phoenix Aerospace Inc., which specializes in Design, Engineering, Manufacturing, Re-manufacturing and upgrading of Ground Support Equipment (GSE) which is primarily used to support military aircraft.

Forward-looking information is subject to risk and uncertainty. Certain statements in this Press Release may contain forward-looking information that involves risk and uncertainty, including but not limited to, the Company's ability to fund ongoing operations and to complete its obligations under the government and/or customer contract and its other ongoing commitments. Future results and trends depend on a variety of factors, including the Company's successful execution of internal performance plans; product development and performance; government bid and funding availability uncertainty; other regulatory uncertainties; performance issues with key suppliers and subcontractors; and the ability to adequately finance operations including meeting its debt obligations, fund manufacturing and delivery of products.

 
 

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